UK-based Lightsource BP, Europe’s biggest solar energy developer, is forming a joint venture with Egyptian construction giant Hassan Allam Holding’s HAH’s utilities unit to develop solar projects in Egypt, the two companies said on Tuesday.
Lightsource BP powered by HA Utilities, the utilities arm of Hassan Allam Holding, will fund, develop, and operate solar projects locally, offering Egyptian commercial and residential customers world-class solutions in solar energy and energy storage, according to the companies’ joint statement.
Egypt aims to meet 20 percent of its energy needs from renewable sources by 2022. It seeks to become a global leader in solar power generation as the world’s largest solar park, with an overall capacity of 1.6 gigawatts-Peak, in Benban is set to operate in 2019.
“Renewable energy is a natural fit with HAH’s existing construction, engineering, and building materials divisions.” Amr Allam, co-chief executive of Hassan Allam Holding and chairman of HA Utilities, said.
“Projects in emerging markets are not just yield plays, they’re growth plays to power fast-growing economies and populations.” Nick Boyle, chief executive and founder of Lightsource BP, said.
“We see exciting potential in Egypt following the country’s economic recovery and recently announced renewable power targets.” Boyle added.
Oil major BP last year acquired a 43 percent stake in Lightsource.
“The JV gives us a unique opportunity to bring solar energy at scale to a market that is ready for growth. BP’s reputation and history of operating in Egypt puts us in a great position to deliver competitive renewable energy alongside our existing operations.” Dev Sanyal, chief executive of BP Alternative Energy, said.